Vijay Kumar Jain Vs. Standard Chartered Bank (Civil Appeal No. 8430 of 2018) - Synopsis
Team SoOLEGAL 23 Oct 2020

In this particular case, Vijay Kumar Jain Vs. Standard Chartered Bank (Civil Appeal No. 8430 of 2018), the director of a company had filed a petition at NCLT, Mumbai and pleaded that he has a right to participate in all the meetings which are conducted by Company of Creditors and also he has a right to get access of all the documents and information which also includes resolution plan etc. NCLT held that as per Section 24 of the Code, the directors have the right to attend the meetings but they could not access the informations which are confidential according to the resolution professionals or Company of Creditors. Being aggrieved the petitioner appealed at NCLAT but NCLAT also upheld the judgement of NCLT. Hence the petitioner further appealed to the Supreme Court of India.
Supreme Court was of the view that every director has the right to participate in the meeting and for successful involvement in the meeting they must have the right to obtain copies of resolution plans and other documents. The Court also was of the view that according to Regulation 21(3)(iii) of the CIRP Regulations, the notice of the COC conference, which must also be issued to the directors must include copies of all documentation relating to the topics to be addressed, including the resolution plans. Any breach of confidentiality can be remedied by obtaining a confidentiality undertaking from the directors.  

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